HB5063

Illinois HB5063 establishes financial accountability measures for charter schools, including closure security requirements and financial intervention.

HB5063, the Charter School Closure Financial Accountability Law, mandates that charter operators maintain closure security to cover transition costs and public asset returns. It requires charter operators to submit financial remediation plans if in financial distress and allows authorizers to intervene financially if necessary. The law also outlines procedures for charter renewals, including a 90-day execution period for renewal agreements. Failure to maintain closure security or comply with financial obligations can result in withholding per-pupil payments and denial of charter renewals.